Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Private Sale/Redevelopment
Purpose: New construction of a 77 affordable unit transitional housing development with a retail space.
Entity Name: Yolanda Alonzo's Love, Inc.
Entity Address: 372 Broad Street, Newark, New Jersey 07104
Sale Amount: $130,000.00
Cost Basis: ( X ) $13.00 PSF ( ) Negotiated ( ) N/A ( ) Other:
Assessed Amount: $237,900.00
Appraised Amount: N/A
Contract Period: To commence within three (3) months and be completed within twenty-four (24) months following transfer of property ownership from the City to the Redeveloper
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( X ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property:
(Address/Block/Lot/Ward)
398-406 Chancellor Avenue/ Block 3735/ Lot 1/ South Ward
Additional Information:
Sale Price: Total Square Footage X PSF = 10,000 X $13.00 = $130,000.00.
Sale at prices set forth by Ordinance 6S&Fh, adopted on April 7, 2004, establishing the minimum sale price of City-owned properties
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WHEREAS, the purpose of this Resolution is to approve the sale and redevelopment of the following City-owned property located in the South Ward of the City of Newark:
ADDRESS
BLOCK
LOT(S)
SIZE SQ. FEET
398-406 Chancellor Avenue
3735
1
100X100 10,000
Total Square Footage: 10,000
Purchase Price: $130,000.00 (13.00 per s.f.); and
WHEREAS, the City of Newark (the "City") has determined that the above referenced City-owned property (the "Property") is no longer needed for public use; and
WHEREAS, pursuant to N.J.S.A. 40A:12A-8(g), the City of...
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